Lenders for investors with only 1 year w2

[Hanah Frickers]

I'd appreciate any input from lenders or investors in a similar predicament:

I'm looking looking to make an offer on a 4-plex in IL and seeking a lender for a $60k loan. The trouble I am facing is that I only have 1 year's worth of W2/tax returns for 2018 (moved to the US in 2018). 

I have also come across a local lender that will not lend to out of state investors when the loan is a portfolio loan. Anyone else have this issue? 

Any suggestions on how to overcome this challenge? Any lenders out there with any advice or input? 

Thank you in advance for your help!

Hanah 

[Caleb Jordan]

Originally posted by @Hanah Frickers:

I'd appreciate any input from lenders or investors in a similar predicament:

I'm looking looking to make an offer on a 4-plex in IL and seeking a lender for a $60k loan. The trouble I am facing is that I only have 1 year's worth of W2/tax returns for 2018 (moved to the US in 2018). 

I have also come across a local lender that will not lend to out of state investors when the loan is a portfolio loan. Anyone else have this issue? 

Any suggestions on how to overcome this challenge? Any lenders out there with any advice or input? 

Thank you in advance for your help!

Hanah 

Will you be living in this property, or is it strictly an investment property. 

So there are some lenders that can offer loans based on your bank statements showing cash coming in. Since I don't work in the conventional side of lending I don't know all the nuts and bolts. 

You also have commercial or hard money lenders that may be able use the potential income from the property to qualify you for the loan. They will also usually be much more friendly to out of state investors as well, however these loans will be more expensive than a conventional bank.